The Board of Take-Two Interactive turned down a $26 a share cash bid from Electronic Arts worth $2 billion, saying that it was just trying to get its hands on the company cheaply ahead of its Grand Theft Auto IV launch, and that it was a price that was below its peers in the industry. Take two is in the middle of its own turnaround cutting $25 million of costs, consolidated to the West Coast and selling off its Joytech business. It says it wants to open a dialogue with EA, but only after its new Grand Theft version has hit the market.
Legendary photo library Getty Images has agreed to be acquired by private equity firm Hellman & Friedman in a deal for $2.4 billion, including the assumption of existing debt. Under the terms of the agreement, Getty Images stockholders will receive $34 in cash for each share which is a 55% premium on its immediately prior share price.
Adconion Media Group, a European and Australian online advertising network has closed an $80 million Series C round of funding led by Index Ventures and existing investor Wellington Partners so that it can begin operations in the US. It has recruited staff from DoubleClick, MSN, Yahoo, IAC and Avenue A to run the US operation.
News Corp has increased its stake in German pay television operator Premiere to nearly 20% and could make an attempt to control the leading German satellite TV operator. News Corp got its initial stakes by paying Unity Media $422 million for a 14.6% share, which it had swapped for German Soccer rights with Premiere.
RealNetworks this week bought the assets of Trymedia, a pioneer in Casual Games syndication, from Macrovision the DRM specialist that is in the process of buying Gemstar TV Guide. The acquisition follows RealNetworks buying Game Trust last year as well as a strategic partnership with the Spill Group a Dutch games company. Trymedia provides for portals and online retailers to offer PC games. Terms of the transaction were not disclosed.